HSBC Cuts Its 2026 Gold Forecast for a Second Time as Prices Keep Climbing in Tehran and Globally

HSBC, Britain's largest bank, has again lowered its average 2026 gold price forecast, now to $4,490 an ounce from a prior estimate of $4,560; its 2027 forecast was also cut, to $4,825 from $4,925, ArzDigital reported Monday, October 5, 2026 (13 Mehr 1405). HSBC attributed the revision to a greater chance of continued US Federal Reserve tightening, elevated bond yields, and rising oil prices tied to Middle East tensions.

Even so, gold kept rising in the short term: global spot gold gained about $11 to trade near $4,153 to $4,161 an ounce Monday, according to Donya-e-Eqtesad and live market data, while 18-karat gold in Tehran rose about 0.7 percent to roughly 26.5 to 26.6 million tomans a gram. HSBC said it does not see a bearish long-term outlook for gold despite the lower targets, citing continued central-bank buying as a key support.